Union Bank of India, a public sector lender, has entered into a strategic partnership with Jain Irrigation Systems to finance farmers purchasing drip irrigation systems manufactured by the latter. Under this partnership, the farmers across the country can get hassle-free access to credit.
Besides, Jain Irrigation will extend guidance to farmers on crop and irrigation managements. The new pact is in tune with the directives of the government to enhance the farm credit.
The bank has reported a rise of 9.51% in its net profit at Rs 560.22 crore for first quarter ended June 30, 2013, as compared to Rs 511.59 crore for the same quarter in the previous year. Total income from operation of the bank has increased by 16.04% to Rs 7613.53 crore for the quarter under review as compared to Rs 6561.10 crore for the quarter ended June 30, 2012.
